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NJAIRE Data Reporting

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Accident Year 2008 & subsequent – BI Paid Claimants against private passenger type autos subject to the No-Fault law by insured threshold and accident year

Accident Year 2007 & prior – BI Paid Claimants against private passenger type autos subject to the No-Fault law by insured threshold, territory and accident year

Report:

Out of state claimants against NJ insured autos subject to the No-Fault law

Intra-Family claimants

Claimants involving only economic losses

A BI claimant for a claim that is not yet closed may be reported once initial payment is made for that particular claimant. These claimants are not to be reported again even if additional payments are made to that claimant.

2004

Exposures

(Insurers may vary)

BI Paid Claimants

(Insurers may vary)

Call Forms – Required Data (cont.)

Accident Year 2008 & subsequent:

Reportable Claimant loss amounts and number of Reportable Claimants by accident year

Use of the Data

Each company’s quarterly reimbursement, plus share of investment income

Provisional Financial Transactions:

Quarterly Assessment- The quarterly assessment is determined by multiplying the number of Zero Dollar Exposures reported by your company, from two quarters prior, by the Assessment per Exposure determined by the Actuarial Committee for that Accident Year.

Example (Exhibit A) – 3rd Quarter 2010 Assessment:

Assessment per Exposure = $90

Zero Dollar Exposures reported for 1st Quarter 2010 = 100

Quarterly Assessment = $9,000

Monthly Payments = $3,000

Provisional Financial Transactions (cont.):

Quarterly Disbursement– The quarterly disbursement is determined by multiplying your company’s share of the Industry-wide Verbal Exposures, from two quarters prior, by the total amount collected via the monthly payments.

Note: Your company’s share of Investment Income is calculated similar to above except it is multiplied by the amount of Investment Income earned on those funds collected via the monthly payments instead.

Territory applies to accident year 2007 & prior. Same checks can be performed at Statewide or Territory level for accident year 2008 & subsequent depending on how each company opts to report their data.

Visual Checks by Territory *:

Possible problem areas –

BI Paid Claimants vs. Zero Dollar > BI Paid Claimants vs. Verbal

Reportable Claimants > BI Paid Claimants vs. Verbal

Reportable Losses w/o Reportable Claimants, and vice-versa

Territory applies to accident year 2007 & prior. Same checks can be performed at Statewide or Territory level for accident year 2008 & subsequent depending on how each company opts to report their data.

Checks that could help:

Completeness

Other Existing Internal Data

Special Reports

Summary

Poor data quality can have a large, hidden impact on your company’s bottom line

With a reasonable effort you can help ensure that your company is properly assessed and reimbursed

REMEMBER,

ISO is here to help make your reporting of NJAIRE data as easy and accurate as possible.

You can also visit the NJAIRE website at www.njaire.org. It contains a Frequently Asked Questions section, copies of all reporting forms, seminar information including the PowerPoint presentations, Plan of Operation, Procedure Manual, etc.